Walter E Williams - Housing Crisis Culprits

[diogotomediogo]

state heath care works in europe very well. health should not be for profit. anyway nice video on the housing crisis. i really like this guy

[lucas5101]

exactly.....great speech Williams.

[masakmerah]

WOW.....the connection he made between the housing market and "affordable Healthcare" was sooo powerfull it shook me up!!!

[iggerdanus]

What a joke, he goes right to the CRI, that utter nonsense. The CRI actually encouraged sound lending prices.

The causes of this crisis are exactly the thing Walter Williams is too dishonest to mention: de-regulation of commercial banks (Glass-Stegall/Phil Gramm), and insatible greed of the richest 1% of our population. Walter Williams has every reason to lie, he has based his life's work on the very Conservative ideologies that failed us here.

[Islam781]

@iggerdanus Why not try responding to him yourself? I would love a bigoted ignoramus such as yourself going up against an economics professor.

Do it. Look him up, email him, or whatever you need to do, and see what his response is. Because right now all I see is your word against his (excluding the fact that mountains of data supports his claims)

[iggerdanus]

@Islam781 Maybe I'll call next time he's guest-hosting Rush Limbaugh's show.

[erwinthehamsandwich]

@iggerdanus You're right.  They should have gotten rid of all financial regulation. And I'm pretty sure that's what Walter Williams thinks too.

[iggerdanus]

@erwinthehamsandwich Well they got rid of enough regulation that the banks ventured off into the shady world of financial speculation, which is what Glass-Stegall prohibited from doing. With capital gains taxes cut, well you can see a result of that if you're willing to take off the Right-Wing blinders: to this day the commercial banks are profoundly uninterested in traditional investment- small business loans and such, it just isn't lucrative enough, or certain enough for them. (cont)

[iggerdanus]

@erwin ..That is the reason that the stimulus hasn't helped as much as it would have otherwise, banks aren't interested in the sort of investments that created middle-class jobs. Which is why they are getting money for 0% from the Fed (or very near it), and will quote you a rate of 5% or so for a loan, same as when they got the money for 2 or 3%. They don't really want to invest capital in our traditional economy.

Yeah, I'll tell Walter Williams, he'll use talking points tho, like he did here

[shaqdaddy11]

In a Just society Barney Frank's severed head would be on public display.

[MrHambergator]

@shaqdaddy11 Ha, a little bitter? I would say a just society would call for his resignation and not vote for him.

[Exalon02]

Hahahahahahahaha - way to go USA! Let this guy take over and it'll all be good! (sarcasm)

[bjarnet3]

This guy is genius!

[umrmecheman]

everything the gov't decides to make "affordable" immediately inflates. College: now students graduate with 100k in debt for nothing more than a 4 year liberal arts degree (they would never have gone into that situation without cheap gov't loans which keep students from demanding lower tuition which allows universities to be inefficient with resources and keep rasing tuition 5% a year). Houses (artificially stoked demand made houses all over the country out of middle class's price range)

[BillSalem]

The only real bum I see is the bum who is speaking in this video. Socialized medicine is the only direction possible for a civilized nation. And Single Payer at that! The USA has a disgracefully high infant mortality rate. Many emerging nations are far ahead of us with much lower Infant Mortality Rates. We can't take care of our own but we sure can kill other peoples.

The real stance of America is this: "I don't want any gays hanging around while I am killing these children!"

[tylerwylie]

Walter Williams understands the Austrian theory of the business cycle? Nice!!

[oterj0]

This video is right on. I do believe the primary cause was Williams' first cause, namely artificially cheap money. True, govt was trying to create the "home ownership society", but the bottom line is that artificially cheap money allowed the banks to justify lending to lower income, higher risk borrowers, because their margins on the lending were increased by low cost of money. Absent this financial incentive from the Fed, the housing bubble likely wouldn't have been.

[bravo0105]

I always love it when Dr. Walter E. Williams guest hosts for Rush Limbaugh, and "pushes back the frontiers of ignorance". Dr. Williams September 4th appearance on the Rush Limbaugh show was superb, and with Dr. Thomas Sowell calling in, no less!

[keytarpimp]

Thank God for people like Walter E. Williams.

Unfortunately I think we are loosing the battle. The Statists are taking over. They have been slowly progressing over the last 100+ years.

[somercet1]

Two, it is obvious that the Afghan/Iraq war debt was a great strain but as long as the economy was thought healthy it did not matter: the wars are single blood donations (single events) compared to swimming forever in the leech-infested lake of entitlement programs. We would make enough to pay it off.

Once it became obvious that housing was indeed a bubble, though, our tax policies and subsidies were shown to be a house of cards. Let us pray Obama is Carter and not FDR.

[thedealer01]

To your earlier point, even John McCain warned the public. 2nd, Obama is worse than both combined and raised an order of magnitude.

[MelissaLH26]

I would probably have left the last sentence out. I guess I agree though. Reagan fixed Carter, but FDR is still hurting this country.

[BikiniBabe1985]

Reagan increased the size of the government and created skyrocketing deficits. Reagan funded both Osama bin Laden and Saddam Hussein. Reagan was a terrible president. I'm so sick of Republicans looking back on him with nostalgia. I am a true conservative and must say that this country has not had a great president since the 18th century

[somercet1]

Reagan:

- was saddled by the voters with a Democratic Congress,

- bore the unending hostility of the media (finally exposed),

- dealt with both sides in the Iran-Iraq War, on the grounds that both regimes sucked balls and neither should win. He was, of course, absolutely correct, and

- never funded Osama bin Laden.

Now go send your kids to a "free" Government school, then complain about Government pro-gay propaganda. In too many ways, we were unworthy of RWR. May this time be different.

[BikiniBabe1985]

I dont have any kids and never attended a public school, but thanks for the attempt at a personal attack. FACT: Reagan's administration invited members of Al-Qaeda to the White House and hailed them "Freedom Fighters." FACT: The U.S. government, under Reagan, funded Al-Qaeda with money and weapons to fight the Russians in Afghanistan. FACT: The U.S. Government, under Reagan, supported Saddam Hussein in the Iran-Iraq War. FACT: Budget deficits skyrocketed under Reagan. He rarely vetoed Congress

[espada9]

Can you name a President who you approve of say in the last 40 years?

[BikiniBabe1985]

No, I would have to say that Thomas Jefferson is probably the last president whom I approve

[oterj0]

@somercet1

"Let us pray Obama is Carter and not FDR."

Amen to that!

[somercet1]

Surely it is mere coincidence that the market that imploded is the most heavily regulated and subsidized (overt and hidden) banking market. (Just as CAFE is a hidden car tax, and a destructive one.)

Fannie/Freddie/CRA were Democratic hobby horses, and they are at fault. But the Republicans are guilty of two other things: one, they did not warn us, which is either deceit or stupidity.

TBC

[SchnickTech]

(Sigh)

Why can't socialists in Washington make their own country on an island somewhere and do their non-sense in their own country where it won't effect the U.S.?

Actually, I hope that the part of the Washington D.C. mall that has the U.S. Capitol building detaches from land and floats out to the Atlantic Ocean with all our legislators. Then the President declares the island not part of the United States. Therefore all of the legislators can create their own country (see above for rest).

[BikiniBabe1985]

they would all die because parasites depend entirely on their hosts. The people in Washington D.C. (aside from Ron Paul) are nothing more than parasites

[umrmecheman]

@SchnickTech they do in a sense. it's called new york, california, Massachusetts, etc where they are all going broke and trying to get more bailout money to pay teachers to keep them in a job and get them to vote. now imagine we become California, who is left to bail us out, nobody!!! That is what could happen if we can't somehow quarantine this disease to the bluest states and not flood them with cash. then they can prove once and for all that their methods of egregious taxation used to spend

[umrmecheman]

@SchnickTech green startups, teacher hirings, union bailouts, etc. then when their economy drags and drags they'll wake up and find their tax base of corps and small biz has gone (already last year 1.5% of cal's small businesses left to states with lower property taxes and income taxes.

meanwhile in red country in states like Texas where unions almsot don't exist, income taxes are very low, and other stuch conservative things are in effect, you find unemp at 4 or 5% while Cal & Mich are at 16%

[HandyMan101]

@SchnickTech Don't worry

if we end up getting hyper inflation and the country goes down the tubes, socialists won't just be shipped out of the country.

They will most likly be shot.

[MrHambergator]

@SchnickTech This country has all the money. No one with money would move to that island, so it would not have any cash to steal.

[nonantianarchist]

The problem here is also that the low interest rates push private savers away from savings and investment and towards consumption, AT THE SAME TIME when the interest rates are indicating a shift towards investment. This amounts to pushing the economy in two different directions-both higher consumption and higher investment. Eventually reality reasserts itself when the recession hits.

[sheny247]

Put theblame where theblame belongs. Yeah, BOTH parties are to blame, and the Democrats get more. Let's throw them all out. Everyone knows the dice are loaded, everyone knows the fix is in. And you people want to give MORE power to the government? Incredible!!! We once had a good country, and I hope we can keep our republic.

[scottwidiculous]

That's right. I'm a Republican, but I am not for growing government at all. It boils down to this, human beings are imperfect and power corrupts human beings, that much is a given. When you have smaller government and a free market, the power is in the hands of many, so you have a choice. If you don't like the way you're being treated, you go elsewhere. When you grow government, your choices are more limited the more you grow it, and power rests in fewer hands.

[BikiniBabe1985]

Right on the money. Who did you vote for in the 2008 primaries? Did you vote for Reagan, Bush 1, and Bush 2 twice? If so, you voted against what you believe. The Republican party does not favor smaller government. Every Republican president talks about reducing the size of government/reducing spending and every Republican president increases the size of the federal government and increases spending. George W Bush slightly cut taxes while drastically increasing spending

[classicallady]

I don't hear here about Reagan firing Volvker because Volcker wanted to regulate the market and hired Greespan exactly because R.R/Greespan did not believe in regulationg the market...Funny, this vid is so biased...repeating and naming only the democrats...

[YtseWolf7]

Funny... regulation has been rampant since we've had a federal registrar for it. Something in the average of 50,000 to 75,000 pages of regulation per year, each year adding onto the previous.

Somehow... I don't think, we've EVER seen deregulation in this country. At best, we've seen a slowing of regulatory policy added on each year, only to be ramped up harder under the next administration.

Have fun thinking what you want though.

[nodalboogie]

The policies were democrat, the meek and dishonest challenge to them was all republican.

[classicallady]

Tks for the comment nodal

[smedge7]

I have great respect for Mr. Williams and believe he would only speak the truth and in a way that anyone could understand. I have heard him criticize both Republicans and Democrats on many issues. Legislation that allows banks to loan money to people who cannot pay it back is in no way a Republican idea, and no matter how simplistic that may sound, that is what has caused this trouble we are in. The blame for this lies firmly in the laps of the Democrats.

[littledeaths2]

The republicans made there problems too but that just means that both are wrong.

[classicallady]

The card's castle begun crashing after 8 years of republicons as well the financial breakdown of this country.Pls don't blame the democrats for everything now. I am a proud progressive liberal and evidently I can see the good and bad of both parts. bush&co squandered all surplus Clinton left.Demos have been majority for the past 2 years.....I don't need to say more do I? Tks

[littledeaths2]

Except that the republicans were in majority during the surplus and even then they dipped into social security to get that surplus which means it will have to be paid back. Also the dot-com bubble happened under his administration you know right as he left office and bush&co came in.

I'm a proud Libertarian which means I point out the bad and good in both parties and even my own, when ever they make decisions that are historically proven incorrect.

[scottwidiculous]

I'm not a Libetarian, but I am part of the conservative wing of the Republican party. I just want to point out what a well informed comment that is. The Republican Party is now to the left of the Democrat Party of the 40's and 50's, at least the mainstream of their party in those days. We must insist that both sides of the aisle get back to the constitution if we are going to preserve our great republic.

[Monarchos]

You don't hear about it because it didn't happen. Reagan did not fire Volcker, Volcker stepped down voluntarily in 1987. Reagan supported Volcker's surprising relatively hands off approach in the early 1980's. I don't know where you got the idea that Greenspan didn't believe in regulating the market. If he didn't believe in regulating the market, he wouldn't take the job at the Fed, because that is what they do. They regulate the money supply, credit, and have control over the interest rate.

[Monarchos]

The Republicans are guilty of this crisis to the extent that they failed to deregulate the market when they had the White House and both houses of Congress. But, all of the institutions that caused the housing bubble were creations of Democratic majorities...The Federal Reserve in 1913, Fannie Mae and Freddie Mac, and the Community Reinvestment Act of 1977.

[Monarchos]

That said, I am upset with the Republicans as well for their outrageous spending over this decade during the 6 years when they had control over everything, and the 8 years they had controlling the White House, along with LACK of deregulation, while paying lip service to smaller government.

[AFRIKTODAY]

American people having any sense of history? Which one? The last American Idol winner? Flavor of love contestants names? Miss Teen South Carolina? Come on Walter, you better be kidding my dear!

[teymani]

both parties was to blame ,the dems for pushing loans to the poor ,and the repuplicans who was more than happy to get the rich bankers and morgage houses to get a piece of the pie.if the republican didnt like it back than they could stop it.the dems didnt have the votes without the republican scums.and helthcare does not belong in this discussion, i hope you get cancer without insurance ,

[ChiBoompty]

If you really believe that the Republican party is the sole champion of the rich, and the Democrat party is the sole champion of the poor, then you have cancer of the brain and have already died. You just don't know it yet.

[ZDWmiamicane]

I think Dr. Williams is great. Yea . . . I agree, both these parties suck. If the "Republicans" were "Conservative," we'd have a real difference.

I'd gladly take an old Democrat, like Harry Truman, right now. He was strong on military and was a true American.

[dan020350]

American students never studied history , they played video games or chasing after women, or cheat on their exams. Then again I don't know.

[Auggie56]

Walter Williams is the "cool" of our time.

[steve0281]

He is too cool to be described by the word "cool."

[classicallady]

steve tks for sharing. But I placed my comment above.hope the weather is great in Oceania. T

[CommSense]

excellent. this video needs to be circulated. It's short and to the point. Wonderful.

[HandyMan101]

@CommSense socialists need people to control

that's part of socialism.



[UndertakerALF]

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